Financial Sector (Collection of Data) (reporting standard) determination No. 134 of 2023

Administered by Department of the Treasury

Legislation au F2023L01621 Not in force Legislative Instrument

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 Financial Sector (Collection of Data) (Reporting Standard) determination No. 134 of 2023

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

Financial Sector (Collection of Data) Act 2001, sections 13 and 15

Acts Interpretation Act 1901, section 33

Under subsection 13(1) of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA has the power to determine Reporting Standards, in writing, with which financial sector entities must comply. Such standards relate to reporting financial or accounting data and other information regarding the business or activities of the entities. Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to issue an instrument the power shall, unless the contrary intention appears, be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to revoke any such instrument.

On 29 November 2023, APRA made the Financial Sector (Collection of Data) (revocation) determination No. 134 of 2023 which revokes Reporting Standard SRS 410.0 Accrued Default Amounts (SRS 410.0) made under Financial Sector (Collection of Data) (Reporting Standard) determination No. 10 of 2015 (the old Reporting Standard).

The instrument commences at the start of the day after it is registered on the Federal Register of Legislation.

1. Background

The old Reporting Standard required registrable superannuation entities (RSEs) to provide information to APRA relating to Accrued Default Amounts (ADAs) which was relevant while the industry transitioned to MySuper products between 2014 and 2017.  The old Reporting Standard is no longer required for collection.

2. Purpose and operation of the Legislative Instrument

The purpose of the Legislative Instrument is to revoke the old Reporting Standard. The information collected under the old Reporting Standard was transitional in nature and is no longer required for collection.

Operation of the instrument  

 

The first paragraph of the instrument identifies the source of the power that is being exercised by the delegate and is the operative paragraph that revokes the old reporting standard.  

 

The second paragraph provides for the instrument to commence on the day after it is registered on the Federal Register of Legislative Instruments. This is the day that would apply under subsection 12(1) of the Legislation Act 2003 (Cth), if no commencement provision were made. 

 

3. Documents incorporated by reference

Under paragraph 14(1)(a) of the Legislation Act 2003, the Reporting Standard revocation determination incorporates parts of the Legislation Act 2003 (Cth) by reference as in force from time to time. This document can be freely obtained at www.legislation.gov.au.

4. Consultation

SRS 410.0 collected data of a transitional nature.  Reporting entities have been informed that SRS 410.0 is no longer required for collection.

5. Regulation Impact Statement

A Regulation Impact Statement was prepared and lodged in connection with the wider Superannuation Data Transformation project which contemplates the revocation of Reporting Standards.  SRS 410.0 is not specifically mentioned in the RIS as it has not been replaced by a new Reporting Standard, APRA no longer requires this information to be collected.  

6. Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

A Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is provided at Attachment A to this Explanatory Statement.

7. Legislative instrument – disallowance and sunsetting

The instrument is a legislative instrument for the purposes of the Legislation Act 2003 (Legislation Act). In accordance with section 44 of the Legislation Act and item 3 in paragraphs 9 and item 6 in paragraph 11 of the Legislation (Exemptions and Other Matters) Regulation 2015 (Legislation Regulation), the instrument is not subject to disallowance or sunsetting under the Legislation Act on the grounds that the instrument relates to superannuation. The instrument is a determination which revokes a Reporting Standard. The Explanatory Statement to the Legislation Regulation states:

“Item 3 is an instrument (other than regulations) relating to superannuation. This item preserves the exemption in item 39 of the table in subsection 44(2) of the Legislative Instruments Act. This exemption exists because exposure of superannuation instruments to disallowance would cause commercial uncertainty, as well as uncertainty for superannuation fund members and providers. These instruments are intended to have enduring operation and are not suitable for the disallowance process.”

“Item 6 is an instrument (other than a regulation) relating to superannuation. This item preserves the exemption in item 42 of the table in subsection 54(2) of the Legislative Instruments Act. Sunsetting of instruments relating to superannuation could cause commercial uncertainty, as well as uncertainty for superannuation fund members and providers. These instruments are intended to have enduring operation and it would not be appropriate to subject them to sunsetting.”

As detailed above, extensive consultation with industry stakeholders occurred prior to the finalisation of the instrument. APRA conducts regular reviews on its Reporting Standards, which range from post-implementation reviews to targeted reviews of specific standards or aspects of standards. 

ATTACHMENT A

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Financial Sector (Collection of Data) (Reporting Standard) determination No. 134 of 2023

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instrument listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 (HRPS Act).

Overview of the Legislative Instrument

The purpose of the Legislative Instrument is to revoke the following instrument:

(1)          Reporting Standard SRS 410.0 Accrued Default Amounts made under Financial Sector (Collection of Data) (Reporting Standard) determination No. 10 of 2015

Human rights implications

APRA has assessed the Legislative Instrument and is of the view that it does not engage any of the applicable rights or freedoms recognised or declared in the international instruments listed in section 3 of the HRPS Act. Accordingly, in APRA's assessment, the Legislative Instrument is compatible with human rights.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

Overview

The Financial Sector (Collection of Data) (Reporting Standard) determination No. 134 of 2023, enacted by the Australian Prudential Regulation Authority (APRA), addresses the obsolescence of certain data collection requirements within the financial sector. This legislative instrument was introduced to streamline the data collection process by revoking the outdated Reporting Standard SRS 410.0 Accrued Default Amounts, which was initially implemented to collect transitional data during the shift to MySuper products between 2014 and 2017. The revocation of this standard alleviates the burden on financial sector entities, aligning the data collection practices with current industry needs. The determination ensures that entities are no longer required to report information that is no longer relevant, thereby enhancing the efficiency and relevance of the data collection framework.

Scope and Application

The Financial Sector (Collection of Data) (Reporting Standard) determination No. 134 of 2023, issued by the Australian Prudential Regulation Authority (APRA), revokes the previously applicable Reporting Standard SRS 410.0 Accrued Default Amounts. This determination applies to entities within the Australian financial sector that were previously required to report on accrued default amounts as part of their compliance obligations under the Financial Sector (Collection of Data) Act 2001. These entities include registrable superannuation entities (RSEs) that were previously subject to the requirements of SRS 410.0, which was designed to collect transitional data during the industry's transition to MySuper products between 2014 and 2017. The revocation of SRS 410.0 signifies that the collection of accrued default amount data is no longer necessary, as the transitional phase has concluded. The instrument operates federally and is applicable across the Commonwealth of Australia. Importantly, the determination is not subject to disallowance or sunsetting due to its connection to superannuation, aiming to prevent commercial and member-related uncertainties. The instrument incorporates parts of the Legislation Act 2003 by reference and was developed following consultations with industry stakeholders.

Key Provisions

The Financial Sector (Collection of Data) (Reporting Standard) determination No. 134 of 2023, enacted under the Financial Sector (Collection of Data) Act 2001, revokes the previously established Reporting Standard SRS 410.0 Accrued Default Amounts, which was made under the Financial Sector (Collection of Data) (Reporting Standard) determination No. 10 of 2015. This determination was issued by the Australian Prudential Regulation Authority (APRA) and is effective from the day after it is registered on the Federal Register of Legislation (section 13(1) of the Act). The primary objective of this determination is to eliminate the requirement for the collection of data on Accrued Default Amounts, which was relevant during the transition to MySuper products between 2014 and 2017 but is no longer necessary (section 33(3) of the Acts Interpretation Act 1901). Entities subject to the Financial Sector (Collection of Data) Act 2001, particularly registrable superannuation entities (RSEs), must comply with the new determination by ceasing to report data on Accrued Default Amounts. These entities are obligated to adhere to the updated reporting requirements set by APRA, ensuring that they do not collect or submit any data on Accrued Default Amounts as per the old Reporting Standard SRS 410.0. The determination explicitly revokes the previous standard, and any ongoing obligations under SRS 410.0 are nullified by this legislative instrument. Failure to comply with this determination could lead to enforcement actions by APRA. While the determination itself does not specify explicit penalties for non-compliance, any breach of the Financial Sector (Collection of Data) Act 2001 or subsequent regulations could result in civil or criminal penalties. Under the Act, breaches may lead to fines, with the severity of the penalty dependent on the nature and extent of the non-compliance. Additionally, persistent or significant non-compliance might also result in further regulatory actions or sanctions imposed by APRA, which could include public reprimands or more stringent oversight measures.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.